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Medtronic (MDT) Stock Declines While Market Improves: Some Information for Investors
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Medtronic (MDT - Free Report) closed at $86.18 in the latest trading session, marking a -1.12% move from the prior day. The stock's change was less than the S&P 500's daily gain of 0.06%. At the same time, the Dow added 0.13%, and the tech-heavy Nasdaq gained 0.24%.
The the stock of medical device company has risen by 0.09% in the past month, lagging the Medical sector's gain of 3.52% and the S&P 500's gain of 6.45%.
The upcoming earnings release of Medtronic will be of great interest to investors. The company's earnings report is expected on February 20, 2024. The company is expected to report EPS of $1.26, down 3.08% from the prior-year quarter. In the meantime, our current consensus estimate forecasts the revenue to be $7.95 billion, indicating a 2.91% growth compared to the corresponding quarter of the prior year.
In terms of the entire fiscal year, the Zacks Consensus Estimates predict earnings of $5.16 per share and a revenue of $32.07 billion, indicating changes of -2.46% and +2.71%, respectively, from the former year.
Any recent changes to analyst estimates for Medtronic should also be noted by investors. These revisions typically reflect the latest short-term business trends, which can change frequently. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.
The Zacks Rank system, spanning from #1 (Strong Buy) to #5 (Strong Sell), boasts an impressive track record of outperformance, audited externally, with #1 ranked stocks yielding an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed an unchanged state. Right now, Medtronic possesses a Zacks Rank of #3 (Hold).
In the context of valuation, Medtronic is at present trading with a Forward P/E ratio of 16.88. For comparison, its industry has an average Forward P/E of 20.85, which means Medtronic is trading at a discount to the group.
We can additionally observe that MDT currently boasts a PEG ratio of 3.05. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. The Medical - Products was holding an average PEG ratio of 2.43 at yesterday's closing price.
The Medical - Products industry is part of the Medical sector. This industry, currently bearing a Zacks Industry Rank of 169, finds itself in the bottom 33% echelons of all 250+ industries.
The Zacks Industry Rank assesses the strength of our separate industry groups by calculating the average Zacks Rank of the individual stocks contained within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Keep in mind to rely on Zacks.com to watch all these stock-impacting metrics, and more, in the succeeding trading sessions.
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Medtronic (MDT) Stock Declines While Market Improves: Some Information for Investors
Medtronic (MDT - Free Report) closed at $86.18 in the latest trading session, marking a -1.12% move from the prior day. The stock's change was less than the S&P 500's daily gain of 0.06%. At the same time, the Dow added 0.13%, and the tech-heavy Nasdaq gained 0.24%.
The the stock of medical device company has risen by 0.09% in the past month, lagging the Medical sector's gain of 3.52% and the S&P 500's gain of 6.45%.
The upcoming earnings release of Medtronic will be of great interest to investors. The company's earnings report is expected on February 20, 2024. The company is expected to report EPS of $1.26, down 3.08% from the prior-year quarter. In the meantime, our current consensus estimate forecasts the revenue to be $7.95 billion, indicating a 2.91% growth compared to the corresponding quarter of the prior year.
In terms of the entire fiscal year, the Zacks Consensus Estimates predict earnings of $5.16 per share and a revenue of $32.07 billion, indicating changes of -2.46% and +2.71%, respectively, from the former year.
Any recent changes to analyst estimates for Medtronic should also be noted by investors. These revisions typically reflect the latest short-term business trends, which can change frequently. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.
The Zacks Rank system, spanning from #1 (Strong Buy) to #5 (Strong Sell), boasts an impressive track record of outperformance, audited externally, with #1 ranked stocks yielding an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed an unchanged state. Right now, Medtronic possesses a Zacks Rank of #3 (Hold).
In the context of valuation, Medtronic is at present trading with a Forward P/E ratio of 16.88. For comparison, its industry has an average Forward P/E of 20.85, which means Medtronic is trading at a discount to the group.
We can additionally observe that MDT currently boasts a PEG ratio of 3.05. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. The Medical - Products was holding an average PEG ratio of 2.43 at yesterday's closing price.
The Medical - Products industry is part of the Medical sector. This industry, currently bearing a Zacks Industry Rank of 169, finds itself in the bottom 33% echelons of all 250+ industries.
The Zacks Industry Rank assesses the strength of our separate industry groups by calculating the average Zacks Rank of the individual stocks contained within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Keep in mind to rely on Zacks.com to watch all these stock-impacting metrics, and more, in the succeeding trading sessions.